South Africa to Host 15th BRICS Summit at Durban in Late August 2023
The 15th BRICS summit is all set to take place in South Africa’s Durban in late August this year
The foreign ministers of Brazil, Russia, India, and China met for the first time on the sidelines of the United Nations General Assembly in 2006, kicking off BRIC cooperation. Later in April 2011, South Africa participated, for the first time, in the 3rd BRICS Summit held in Sanya, China.
Calling BRICS a manifestation of global multi-polarity, Lavrov said that strengthening regional identity in the developing regions of the world does not mean that multi-polarity is not happening in a global dimension.
Since 2009, the BRICS leaders have convened 14 formal meetings and 9 informal meetings.
Earlier in 2013, the fifth annual BRICS summit was held in Durban, South Africa. It was attended by the head of state or heads of government of the five member states Brazil, Russia, India, China and South Africa.
In June 2009, the BRIC leaders held their first meeting in Russia, upgrading BRIC cooperation to Summit level.
The BRIC leaders met for the first time in Russia in June 2009, elevating BRIC cooperation to Summit status.
BRICS
BRICS is an acronym used to describe the five major emerging economies in the world: Brazil, Russia, India, China, and South Africa.
The BRICS Foundation was established as a not-for-profit foundation to help support the growth of BRICS Nations and to help fast-track the emergence of a BRICS currency with Fin Tech organisations such as BRICSTether as a much-needed alternative currency to the USD
BRICS is an acronym used to describe the five major emerging economies in the world: Brazil, Russia, India, China, and South Africa. These countries are considered to be among the largest and fastest-growing economies in the world and have a significant impact on the global economy.
The idea of BRICS as a group was first introduced in 2001 by Goldman Sachs economist Jim O’Neill. Since then, BRICS has become a widely recognized term, and the five countries have established a formal organization known as the BRICS Summit to promote cooperation and coordination among the member states.
One of the key strengths of BRICS is the large and growing size of their economies. Combined, the five countries account for over 40% of the world’s population and around 24% of the global GDP. Additionally, these countries are projected to continue to grow at a fast pace in the coming years, which will further increase their economic influence.
Another important aspect of BRICS is the diversity of their economies. While all five countries are considered emerging economies, they have different economic structures and growth drivers. For example, China and India are characterized by large and rapidly growing consumer markets, while Russia and Brazil are rich in natural resources. South Africa is a combination of both, with a large consumer market and rich mineral resources. This diversity among the BRICS countries provides opportunities for cooperation and mutual benefit.